ANDOVER, Mass., June 23 /PRNewswire-FirstCall/ -- A US District Court judge in Texas yesterday ruled that it granted an injunction in favor of Smith & Nephew's (NYSE: SNN; LSE: SN) Endoscopy Division. As expected the Judge also granted Arthrex's motion to stay the injunction pending an appeal of the judgment.
The stay of the injunction places a number of conditions on Arthrex's business activities, including requiring the establishment of an escrow account -- in anticipation of the judgment being affirmed on appeal -- to pay Smith & Nephew for additional sales on their infringing product.
In February, a jury determined that Arthrex's RetroButton Femoral Fixation Device infringed Smith & Nephew's patent that covers the company's ENDOBUTTON™ Fixation Device and similar devices for attaching tissue grafts to bone during arthroscopic surgery in the knee. The jury awarded Smith & Nephew Endoscopy $4.7 million.
"ENDOBUTTON has been routinely used by surgeons around the world to deliver a dependable soft tissue repair that helps patients get back to their active lives," said Michael Frazzette, president, Smith & Nephew Endoscopy. "We are pleased with this decision which supports our intellectual property rights and the investment that we make in product innovation."
Sr. Vice President, Corporate Communications
Smith & Nephew Endoscopy
About Smith & Nephew
Smith & Nephew is a global medical technology business with global leadership positions in Orthopaedics; including Reconstruction, Trauma and Clinical Therapies; Sports Medicine; and Advanced Wound Management.
Smith & Nephew is dedicated to helping improve people's lives. The Company prides itself on the strength of its relationships with its surgeons and professional healthcare customers, with whom its name is synonymous with high standards of performance, innovation and trust. The Company operates in 32 countries around the world. Annual sales in 2009 were nearly $3.8 billion.
This press release contains certain "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. In particular, statements regarding planned growth in our business and in our operating margins discussed under "Outlook" are forward-looking statements as are discussions of our product pipeline. These statements, as well as the phrases "aim", "plan", "intend", "anticipate", "well-placed", "believe", "estimate", "expect", "target", "consider" and similar expressions, are generally intended to identify forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors (including, but not limited to, the outcome of litigation and regulatory approvals) that could cause the actual results, performance or achievements of Smith & Nephew, or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Please refer to the documents that Smith & Nephew has filed with the U.S. Securities and Exchange Commission under the U.S. Securities Exchange Act of 1934, as amended, including Smith & Nephew's most recent annual report on Form 20F, for a discussion of certain of these factors.
All forward-looking statements in this press release are based on information available to Smith & Nephew as of the date hereof. All written or oral forward-looking statements attributable to Smith & Nephew or any person acting on behalf of Smith & Nephew are expressly qualified in their entirety by the foregoing. Smith & Nephew does not undertake any obligation to update or revise any forward-looking statement contained herein to reflect any change in Smith & Nephew's expectation with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
SOURCE Smith & Nephew